Melbourne’s luxury real estate market has experienced significant activity, with notable sales and some high-end properties lingering for many months.
Record-Breaking Sales
A standout transaction was the sale of a Toorak mansion at 2 Macquarie Road, which sold for approximately $72 million. This sale set a new record for the highest residential sale in Victoria for 2024 and ranks as the third-largest residential sale ever recorded in the state.
The property, completed in 2018, features six bedrooms, a marble staircase, a basement cinema, a wine cellar, a hotel-style pool, a spa, and a tennis court. The sale attracted local and international interest, highlighting the strong demand for premium properties in Melbourne’s prestigious suburbs.
Properties Still Waiting to Sell
Despite the headline-grabbing sales, several multimillion-dollar properties remain on the market in 2025. Some of these homes, located in Melbourne’s most prestigious suburbs, such as Toorak, Brighton, and South Yarra, showcase incredible architectural designs, expansive grounds, and premium features but have yet to find the right buyers.
The estate at 62-62A Clendon Road Toorak is the estate everyone is talking about. This home was listed in late 2024 and is expected to break all records in Victoria. Its asking price is 96-105 Million AUD.
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Factors Behind Unsold Mansions
- Pricing Expectations: Some properties have been priced ambitiously, which can deter potential buyers, even in the high-end market. Sellers may need to reassess pricing strategies to align with current market conditions.
- Unique Features: While individuality is often a selling point, overly niche designs or layouts can limit the pool of interested buyers.
- Shifting Preferences: In 2025, luxury homebuyers increasingly prioritise properties that offer sustainability, modern amenities, and lifestyle flexibility, making some traditional mansions less desirable.
Examples of Unsold Properties
A Toorak property focused on ornate, classical interiors has struggled to attract buyers favouring contemporary design.
A brand-new build in Toorak has been on the market for over six months. Two different high-profile agencies have had the listing but cannot attract interest in the 15-16M price range. There are two reasons why this one hasn’t sold.
A grand estate in Brighton featuring resort-style amenities, including a pool, tennis court, and home theatre, has been on the market for over 4 months. While the property is stunning, its price point and location may not fully align with buyer expectations.
These examples highlight the importance of understanding buyer sentiment and adapting to evolving preferences in the luxury segment.
Trends Shaping Buyer Sentiment
In 2025, luxury buyers seek more than opulence; they desire homes that complement modern lifestyles. Key preferences include:
- Sustainability: Green building features, energy-efficient designs, and sustainable materials are in demand.
- Innovative Technology: Homes equipped with advanced automation systems for security, lighting, and climate control are increasingly sought after.
- Flexibility: Open-plan designs, multi-purpose spaces, and outdoor living areas that cater to work, leisure, and health and wellness will continue to be highly valued in 2025 and beyond.
Properties that align with modern preferences and offer exceptional value are finding buyers, while those that are overly ambitious on price are languishing.
At the top end of the Melbourne luxury market, many homes are sold discreetly off-market, with little fanfare and no advertising. If you wish to gain access to this sub-sector of the market, feel free to reach out to our team on +613 8374 7652.
Our team will help you save time and share over 40 years of industry knowledge and expertise to ensure you make a wise, well-informed decision.
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